The global port wine market is expected to reach a market valuation of USD 923.3 Millon by the year 2022, accelerating with a CAGR of 8.1% by 2022 to 2032. Thus, during the forecast period of 2022 to 2032, the port wine market is anticipated to be worth USD 2,011.9 million. Port wine sales are likely to account for 1% of the overall alcoholic beverages market.
| Attribute | Details |
|---|---|
| Port Wine Market Size (2022E) | USD 923.3 Million |
| Port Wine Market Projected Size (2032F) | USD 2,011.9 Million |
| Value CAGR (2022 to 2032) | 8.1% |
| Top 3 Countries' Market Share | 34.3% |
According to FMI analysis, the prominence of port wine has grown dramatically over the years. The growing popularity of port wine among a sizable portion of the population is resulting in lucrative growth during the forecast period of 2022 to 2032.
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The wine industry has seen a decline, despite the fact that the premium wine segment has seen significant growth, indicating the port wine market growth. Rising awareness of the nutritional benefits of port wines, as well as the presence of the antioxidant resveratrol in these beverages, are anticipated to drive the demand for port wines.
There is a growing demand for port wines that provide advanced health benefits, which has historically grown at a lucrative rate of around 7.6%. Port wine contains lower acidic ingredients than other types of wine.
Increasing awareness about the relevance of moderate wine consumption in preventing heart disease is a key differentiator for the port wine market. The introduction of new flavors, such as caramel, cinnamon, raspberry, chocolate, and others, result in enormous growth opportunities for the port wine market.
A growing number of wineries in various regions, combined with significant investment opportunities from various companies and conglomerates, serve as the foundation for the port wine market's growth. Port wine's popularity among Gen-Z and millennial add more growth stars to the port wine market. Thus, in the forecast period, the port wine market is anticipated to be worth USD 2,011.9 million, with an impressive CAGR of 8.1% in 2032.
Premiumization is taking place as a result of consumers' desire to achieve the fame and popularity that premium brands reflect. In addition, 89% of USA consumers consider port wines to be an affordable luxury. While 85% of them are only considered trading down if the quality is perceived to be comparable.
Off-premise drinking has also become popular in recent years. Families' consumption habits have shifted from the on-premise platform to the off-premise platform, owing primarily to budget constraints. With the integration of supermarket chains and the development of private-label products, this has become a significant challenge for the port wine market.
The USA remains the world's largest wine consumer and, as such, a focus for many international wine producers. Indeed, imports accounted for 26% of port wine volume sold in the USA last year, with Italy leading sales volume, accompanied by Australia, New Zealand, France, and Argentina.
In the USA market, sales of port wines through grocery stores, wine shops, and other off-premise establishments continue to be the most important channel in terms of both sales and volume.
Germany is well-known for its industrial goods and less well-known for its emotional or agricultural products, such as wine, despite having a long wine culture. Despite its reputation for beer consumption, Germany has the world's fourth-largest port wine market share.
Aromatic wines are currently popular in the German wine market, thanks to fashion trends. Young wine drinkers formerly did not consider light wines like aromatic wine, rose, and sweet white wine to be cool. These customers are more self-assured now, and they like lighter wines.
German consumers are also comparatively willing to try wines from other parts of the world. The advancement of wine selection by consumers, especially on occasion, strengthens the port wine market position of New World wines.
Asia Pacific is anticipated to experience the fastest growth during the forecast period, with a CAGR of more than 5%. The region's substantial population base is further expected to increase demand for port wine.
In India, the market is anticipated to expand by more than 10% during the anticipated period. 34% of the world's population resides in countries like China and India, therefore the Asia Pacific port wine market growth is anticipated to be boosted by the region's big population base.
National wine consumption exceeds 30 million liters per year, according to FMI data. Alcoholic beverages such as rum, beer, and whisky have traditionally dominated alcohol consumption in India.
However, increased purchasing power, rapid urbanization, access to relatively inexpensive domestic wines, the perceived health benefits of eating low-alcohol beverages, and altering consumer attitudes have all contributed to a rise in wine consumption. The Indian port wine sector has become the largest rising alcoholic beverage category in the last decade, owing primarily to the rise of upper-middle-class urban consumers.
According to FMI, red port wines are estimated to dominate the global market in 2022, but white port wine is anticipated to witness a lucrative growth rate during the forecast period.
Red wine consumption helps to avoid heart disease, as it is made from soaking grape skins and contains resveratrol. As a result, increased awareness of red wine's health benefits is expected to boost demand for red port wine.
On the basis of product type, tawny port wine is expected to dominate the global port wine market, but ruby port wine is anticipated to witness a lucrative growth rate over the forecast period. The tawny port wine is aged in smaller barrels, allowing the wine to oxidize and develop a flavorful aroma and flavor reminiscent of dried nuts and fruits.
Tawny wine is the ideal option for a young consumer base who prefers quality rather than quantity with cost-effective benefits.
According to FMI, sales of port wine via liquor stores account for a dominant share of the global market, but sales of port wine via online retail stores are expected to witness a lucrative growth rate over the forecast period.
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The port wine market faces significant entry barriers, the most important of which is the cost of land. These wines are made with specific types of grapes, and grape yield varies by region, creating a barrier for new entrants. Product innovation, as well as mergers and acquisitions, drive the port wine market even further.
Symington Family, La Martiniquaise, Sogrape, Fladgate Partnership, Sogevinus, A ACálem, C N Kopke, Cockburn Smiths & CompanhiaLda, Delaforce Sons & Companhia, Martinez Gassiot, Vinhos SA, Ramos Pinto, Warren & Companhia, SA, Wiese & Krohn, Sucrs, Lda, and Others are the major key players in the port wine market.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others. |
| Key Segments Covered | Nature, Sales Channel, Product Type, and Region |
| Key Companies Profiled | Symington Family; La Martiniquaise; Sogrape; Fladgate Partnership; Sogevinus; A ACálem; C N Kopke; Cockburn Smiths &CompanhiaLda; Delaforce Sons & Companhia; Martinez Gassiot, Vinhos SA; Ramos Pinto; Warren & Companhia, SA; Wiese &Krohn, Sucrs, Lda; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The port-wine market is anticipated to be USD 923.3 Million by 2022 end.
The port-wine market is anticipated to reach a valuation of USD 2,011.9 Million by 2032 end.
The port-wine market is expected to register a CAGR of 8.1% between 2022 and 2032.
Demand for port wine in Europe is anticipated to drive the port wine market.
Red wine is leading the port wine market during the forecast period.
| Estimated Market Share in 2023 | USD 1,881.00 million |
|---|---|
| Forecasted Market Size by 2033 | USD 3,373.2 million |
| Projected Market CAGR (2023 to 2033) | 6% |
| Expected Market Value in 2022 | USD 3.5 Billion |
|---|---|
| Projected Market Value in 2032 | USD 8.1 Billion |
| Growth Rate (2022 to 2032) | 8.7% CAGR |
| Market Value (2022) | USD 43.6 Million |
|---|---|
| Market Anticipated Value (2032) | USD 66.3 Million |
| Projected CAGR (2022 to 2032) | 5.20% |
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